Chairlift for stairs for my elderly parents
My folks paid of house many moons ago, and now, just depending on Social Security and Mom’s Medical Insurance, they are needing funds to live off of AND to assist in re-vamping the house.
They need to change the house somewhat physically because Dad will no longer be able to go upstairs (for showering) unless something is done SOON.
We are currently looking at options (such as a stair lift chair).
My siblings are very VERY wary of the Reverse Mortgage. They are afraid that someone will take the house from them when my folks pass away. I don’t care about that as much as Ma & Pa need the money to help them have some Quality In Life. The house is junk, and falling on it’s ear, anyway. I’m surprised it hasn’t been condemned by the city, like the house next door to them that is now a lovely open lot.
RE professionals
Persons who have done the Reverse Mortgage
Estate Planners
All are welcome for your advice!
Please be prompt – I need to submit your advice to my siblings tomorrow in our meeting of how to help out Ma & Pa.
God Bless!
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5 Responses to “Chairlift for stairs for my elderly parents”
A reverse mortgage can be wonderful if done right. I usually suggest that people take the funds as a line of credit. They request a sum for a particular thing and then spend it during the month that the check arrived. This way it wont affect any benefits that depend on your assets or income.
You will never outlive a reverse mortgage because they wont give you more than about 80% of the home value. What you get will be determined by age and value of the home. Sounds like your parents may have a problem getting a reverse mortgage if the home is in too bad repair.
All the charges are due when the mortgage comes due and you are charged a monthly fee (added in to what is paid at the end). The fees can be a bit hefty. The loan would only come due if a person dies, sells the house or is not living there for 12 consecutive months.
Whatever is left that was not used in the line of credit minus the fees would go to the persons estate if they pass away.
Be wary of companies that havent done reverse mortgages often or for a long time. Two of the best in the business are Financial Freedom and Wells Fargo. Make sure you are getting a mortgage backed by the Feds and that your parents go through the required independent counseling so that they are aware of what they are signing.
You might tell your siblings that if Mom or Dad has to go into a nursing home and is getting Medicaid, that the state will put a lein against the house anyway to get reimbursed for what they spent on Medicaid.
I think the wise choice is to talk to a reputable reverse mortgage specialist to see what they could get to make the home more adaptable. They can also use the funds to pay for in home care if needed.
I had a patient of mine who got a reverse mortgage in form of a line of credit. I know that they did have to have some work done first and that came out of the money, the roof had to be replaced and whatever it needed to bring it up to code. It was good in a way because the house got improved but it reduced the amount available, because they didn’t have the cash to pay for the improvements.
Just a thought, but you may also want to check with your local city,town or borough to see if they have any low interest or grant money for certain repairs. Also, is either of your parents a vet and do they have any programs for altering their house for disabilities. I’d pursue agencies that would allow for their age to help them first before the reverse mortgage. Start asking around the local courthouse also. Good luck.
I too looked into the reverse mortgage after my work related injury and I knew I could no longer work. I was to young at the time to get in on that deal. And it is a deal, however the home will belong to the agency sending your parents that money. The remaining spouse will be able to stay until they pass away, then the house is no longer in your family. That is what I was told back in 1998.
Don’t do it. All there doing is borrowing on the equity of there home. When they pass on The bank gets all there money back + interest. You kids will end up with nothing. Remember nobody does anything for nothing The bank will make a big profit. If the house is that bad they will not lend money on it. No profit for them